Global Cardiac Safety Services Market 2022-2028

Global Cardiac Safety Services Market 2022-2028

Global Cardiac System Market Size, Share, & Analysis by service type (blood pressure measurement services, cardiovascular imaging services, ECG/holter measurement services, thorough QT Studies, and others (protocol design and expert reporting),by end-users(pharmaceutical and biopharmaceuticals companies, and contract research organizations (CROS). Cardiac safety services are offered by the companies to monitor cardiac safety during clinical trials, from pre-clinical trials to Phase I to Final Phase clinical trial studies in compliance with the FDA, PMDA, EMA, and other regulatory bodies. The global market for cardiac safety services is projected to have a considerable CAGR of around 6.1% during the forecast period. The market is expected to reach around $1.0 billion in 2028 as compared to $653 million in 2021.

MARKET DETERMINANTS

A drug may have the risk of having a negative effect on the heart as a side effect of drugs/vaccines. During clinical trials, the side effect of drugs on the heart cannot be known. Moreover, some drugs such as anthracyclines, antipsychotic drugs, nonsteroidal anti-inflammatory drugs among others have a risk of heart-related problems on taking continuous medication. Hence, during the clinical trials, relevant data must be compiled for the researchers & companies so that the approval, as well as safe limit of drugs, can be decided as per the risk factor for the treatment of a particular disease.

Some of the major factors for the growth of the market include increasing pharmaceutical R&D and drug discovery expenditure by private companies for the discovery of new drugs. Besides, significant funding from government and non-government organizations is also motivating the market. Moreover, the technological advancement and development of new drugs such as drugs for oncology, HIV/AIDS, dementia, among others have been increased in the last decade. It has increased the clinical trials of drugs all across the globe. For instance, as per the World Health Organization (WHO), around 53,000 clinical trials were ongoing in 2021 as compared to nearly 41,000 and 27,000 in 2015 and 2010 respectively. Moreover, cohesive government regulations related to drug safety across the globe is also a motivating factor for the market. Before regulatory approval, a drug/vaccine has to go through multiple phases of clinical trials, and these trials are getting stricter due to chances of side effects however getting faster owing to the involvement of new technologies such as big data, IoT, AI, and machine learning. For instance, the US FDA encourages the usage of modeling and simulation as an integral part of drug development, as codified in the PDUFA (Prescription Drug User Fee Act) and GDUFA (Generic Drug User Fee Act), as well as the 21st Century Cures Act. It increases the safety of a drug as well as reduce the time to compile the data required for the regulatory approvals.

SEGMENTAL ANALYSIS

The global market for cardiac safety services is segregated based on service type and end-user. Based on the service type, the market is further classified into blood pressure measurement services, cardiovascular imaging services, ECG/Holter measurement services, thorough QT Studies, and others (protocol design and expert reporting). The ECG/Holter measurement services segment is estimated to have the largest market share with the fastest growth rate during the forecast period. There is a significant application of ECG and cardiovascular data in drug development including protocol design to reporting. ECG/Holter measurement services market is expected to reach $386.9 million in 2028 from $239.7 million in 2021 at a CAGR of 6.8% during the forecast period.Based on end-user the market is further classified into pharmaceutical & biopharmaceutical companies, and contract research organizations (CROs). CRO segment is expected to hold the largest market share with the fastest growth rate. The segmental market is expected to reach $685.6 million in 2028 from $438.6 million in 2021 at a CAGR of 6.3% during the forecast period. Adoption of new technologies by the contract manufacturing companies proven results in the drug discovery and clinical trials in the past are some of the major factors for the growth of the segment in the region. Laboratory Corp., of America Holdings (Covance), IQVIA, Syneos Health among others is the top global clinical research companies that have CRO significant market share.

REGIONAL ANALYSIS

Based on geography, the global cardiac safety services market is further classified into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to hold a significant market share in the global cardiac safety services market. The North American market is expected to reach $234.1 million in 2028 from $155.1 million at a CAGR of 5.8% during the forecast period. The cardiac safety services market in the US is being driven by the increased outsourcing of large pharma companies to improve profit margins. Further, the large pharma companies in the US are also developing their CRO to develop a network in foreign countries. There are a large number of CMOs working in association with large pharma companies including Covance, IQVIA among others. These contract manufacturers have involved formulation, clinical trial manufacturing, and API development primarily. In 2021, for the development of drugs, targeted drugs, personal medicines, and other advanced drugs and medicines for different diseases around three-quarters of the total amount was invested by the biopharmaceutical companies.

Europe also holds a significant market share in the region. The region is headquartered of many large pharmaceutical companies. Pfizer, Sanofi, Roche, Bayer, Novartis, GSK, AstraZeneca, and Boehringer Ingelheim are some of the major European companies involved in drug discoveries across the globe. Moreover, as per the WHO, around 25% of the global clinical trials were conducted in Europe in 2021. The Europe market is expected to reach $291.5 million in 2028 as compared to $195.0 million in 2021 at a CAGR of 5.7% during the forecast period. The Rest of the World, which includes Latin America, and the Middle East, and Africa is expected to grow at a modest CAGR of 5.6% during the forecast period and is expected to hit $84.5 million in 2028 from $57.0 million in 2021. Asia-Pacific is projected to have the fastest CAGR with the largest market share in the global market during the forecast period. The market is expected to reach $396.0 million in 2028 as compared to $245.9 million in 2021 at a CAGR of 6.8% during the forecast period. Significant drug discovery from domestic companies specially from Japan and China, cohesive government regulations, and shift of global market players to Asia-Pacific for clinical trials are some of the major factors for the significant market share and growth of the region. As per the WHO, around 45.0% of the global clinical trials were ongoing in Asia-Pacific (Western Pacific + South East Asia region mentioned by WHO) in 2021. Besides, a large patient pool and the rapidly growing pharmaceutical market are some of the other macro-economic factors augmenting the market growth.

COMPANY PROFILED

The key players in the cardiac safety services market are providing different types of services and expanding their geographical presence across the globe. The key players of the market include Bioclinica, BioTelemetry, Inc., Banook Group, Covance Inc. (LabCorp.) SGS SA, IQVIA Inc., and others. These market players adopt various strategies such as new advanced services launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. For instance, in December 2021, Bioclinica and ERT merged to strengthen their position in the clinical trial endpoint technology market. Bioclinica’s have a well-developed market in clinical trial imaging, whereas ERT’s in eCOA, cardiac safety, respiratory, and wearables. Both the companies will utilize each other portfolio and will offer data analytics, insights, business intelligence, virtual patient visits, and hybrid technology solutions to global pharmaceutical and biotechnology companies. The merger is expected to be completed by 2021.